Also you can buy the long lasting carpet and put it in the low traffic areas (I.e.

Yes, I always install it if it is missing or broken even though my property is in the low end range property.

I plan and hope to get a low down payment amount with a first time buyer FHA loan.

And all other low down payment options are off the table.

I would perhaps consider doing only one half and then living in the other and renovating as I go and do that out of pocket. thanks for the info about what rate you got, that solidifies my belief of getting a low 4% rate. 

In-fact, if you are buying residential (1-4 units) and willing to live in one while you reposition the property, you may be able to manage a down payment as low as 5% (SFH & duplex) or 10% (3 - 4 units) ... whether your new "business" will carry itself at 90 - 95% LTV will depend on where you live and how well you purchased.    

I live in Danville IL and it looks like everything is for sale low prices homes rent ready anywhere from 15 to 30k and of course your older run down houses 3-10k all different types of houses in different conditions.

I think the rent is a little low maybe.

No reason to over complicate what should be a simple low cost deal.

Regardless if they are a Doctor, college student or a low income housing tenant.